Final answer:
Satire is the term used to ridicule human folly or vice for the purpose of correction. It uses humor and exaggeration to expose societal shortcomings and inspire change, distinct from irony or parody.
Step-by-step explanation:
The term used to describe the ridicule of human folly or vice with the purpose of correcting it is satire. Satire employs humor, exaggeration, and ridicule to criticize and expose the shortcomings in society, including ignorance, vice, or foolishness. Historically, writers such as Jonathan Swift have masterfully utilized satire in their works to challenge readers to see beyond the humor and recognize the underlying serious issues. Unlike irony or parody, satire is specifically aimed at inspiring some sort of improvement or change in society.
Great examples of satire are found throughout literature, including in the ancient Roman world with authors like Juvenal, or more modern examples like Oscar Wilde, who critiqued social mannerisms of the aristocracy through his works. While satire can be entertaining, its optimal effect is achieved when readers are prompted to reflect on the subject and grasp the satirical message that parallels real-life situations.